Powered by MOMENTUM MEDIA
subscribe to our newsletter

ANZ to repay customers $13 million

Around 20,000 ANZ customers will be compensated approximately $13 million after the bank failed to apply bonus interest to its Progress Saver accounts (PSAs).

In a statement issued by ASIC, ANZ must pay affected customers $13 million in compensation following its failure to accurately apply bonus interest to PSAs for a number of years.

According to ASIC, ANZ discovered the breach following a customer complaint and reported it to the regulator.

“ANZ advised ASIC of its intention to undertake a thorough account reconstruction exercise to determine the financial impact on all affected PSA holders,” the statement said.

The bank is currently contacting and providing refunds to affected past and present PSA holders, a process that is expected to be completed by the end of this week.

Advertisement
Advertisement

PROMOTED CONTENT


ASIC deputy chairman Peter Kell said ANZ has taken its breach reporting obligations seriously in this matter.

“Breach reporting helps ASIC ensure affected consumers are returned to the position they would have held if it were not for the breach occurring at all,” he said.

ANZ to repay customers $13 million
mortgagebusiness

Latest News

A “more optimal” retirement income system would involve retirees “more effectively” drawing on home equity to fund their standard of...

Non-major lenders continue to be the more highly rated lenders used by brokers for both turnaround times and policy, according to the lates...

Self-employed borrowers have been unable to access many current lender home loan promotions due to the stringent criteria, according to one ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Digital mortgages and new SME platforms

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.